Tankers. Buyer warrants that throughout the term of each tanker’s service under a Transaction, such tanker shall have full and valid Protection and Indemnity Insurance (“P&I Insurance”), including valid pollution liability insurance (“Pollution Cover”), from a P&I Club that is a member of the International Group of P&I Clubs. The cost of P&I Insurance and Pollution Cover shall be for Buyer’s account. The P&I Insurance must include the maximum cover available from the International Group of P&I Clubs against liability for pollution (presently one billion U.S. dollars), unless some other amount is specifically agreed to in a Confirmation.
Appears in 7 contracts
Samples: General Terms and Conditions for the Sale of Crude Oil and Petroleum Products, General Terms and Conditions for the Sale of Crude Oil and Petroleum Products, General Terms and Conditions for the Sale of Crude Oil and Petroleum Products
Tankers. Buyer warrants that throughout the term of each tanker’s service under a Transactionthis Agreement, such tanker shall have full and valid Protection and Indemnity Insurance (“P&I Insurance”), including valid pollution liability insurance (“Pollution Cover”), from a P&I Club that is a member of the International Group of P&I ClubsClubs and is approved by Seller (such approval not to be unreasonably withheld). The cost of P&I Insurance and Pollution Cover shall be for Buyer’s account. The P&I Insurance must include the maximum cover available from the International Group of P&I Clubs against liability for pollution (presently one billion U.S. dollars), unless some other amount is specifically agreed to in a Confirmation.
Appears in 1 contract
